Iamgold (NYSE:IAG) Shares Up 12.4% on Analyst Upgrade

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) traded up 12.4% during mid-day trading on Wednesday after Royal Bank Of Canada upgraded the stock from a sector perform rating to an outperform rating. Royal Bank Of Canada now has a $14.00 price target on the stock, up from their previous price target of $9.00. Iamgold traded as high as $11.24 and last traded at $11.27. 6,018,747 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 13,835,195 shares. The stock had previously closed at $10.02.

A number of other research analysts also recently weighed in on IAG. CIBC restated an “outperform” rating on shares of Iamgold in a report on Tuesday, July 15th. Raymond James Financial upgraded shares of Iamgold to a “hold” rating and set a $8.00 price target on the stock in a report on Monday, June 30th. National Bankshares restated an “outperform” rating on shares of Iamgold in a report on Tuesday, June 24th. Finally, Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Iamgold currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.13.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Marex Group plc bought a new position in Iamgold in the 2nd quarter worth $677,000. State of Wyoming bought a new position in Iamgold in the 2nd quarter worth $201,000. L1 Capital Pty Ltd bought a new position in Iamgold in the 2nd quarter worth $693,000. Hollencrest Capital Management bought a new position in Iamgold in the 2nd quarter worth $377,000. Finally, Headlands Technologies LLC bought a new position in Iamgold in the 2nd quarter worth $738,000. Institutional investors own 47.08% of the company’s stock.

Iamgold Stock Up 8.9%

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47. The company has a market capitalization of $6.28 billion, a price-to-earnings ratio of 7.85, a price-to-earnings-growth ratio of 0.33 and a beta of 1.21. The firm’s 50-day simple moving average is $7.98 and its 200-day simple moving average is $7.13.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). The company had revenue of $587.21 million during the quarter, compared to analyst estimates of $663.21 million. Iamgold had a return on equity of 8.54% and a net margin of 40.61%. Sell-side analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current year.

Iamgold Company Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.